Japan’s Sumitomo Corp concludes 80-year lease for BKC plot for Rs 2,067 crore

economictimes.indiatimes.com:

Mumbai Metropolitan Region Development Authority (MMRDA) for over Rs 2,067 crore.

Goisu Realty, a subsidiary of Sumitomo Realty & Development Company, has picked up the land parcel through an 80-year lease agreement. It emerged the highest bidder for the plot in 2019 but conclusion of the deal has taken more than four years.

This was the first land parcel auctioned by the authority after a gap of over 12 years since 2007.

During this period, it had only allotted a few plots to some government entities.

The company has paid over Rs 111 crore as stamp duty alone for the registration of the deal that took place on September 3, showed documents accessed through CRE Matrix.

MMRDA is engaged in long-term planning and implementation of strategic projects and financing of infrastructure development in Mumbai Metropolitan Region (MMR).

According to property consultants, the Bandra-Kurla Complex continues to be a sought-after business district in Mumbai that could attract a number of large global and domestic entities.

MMRDA is looking to raise an additional Rs 3,000 crore through monetisation of its land parcels in BKC in the next few months. It has already invited bids to lease out two more plots in G block of the business district.

The authority is also planning to monetise more plots in various sizes in Mumbai soon to finance several ongoing and planned infrastructure and transportation projects in the MMR.

However, it is awaiting clarity on a policy related to purchase of additional floor space index (FSI) by successful bidders of the plots.